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The value of the Ethereum cryptocurrency has begun a steady rise above $ 3200. ETH outperformed bitcoin and even overcame resistance at $ 3300. However, bears were active near the $ 3350 level.
A high of $ 3355 was formed, but the price began a new decline. There was a sharp decline below $ 3300. The price dropped below the 50% Fibo level of the upward movement from the $ 3070 swing low to the $ 3355 high.
On the hourly chart, ETH/USD also broke below a key bullish trend line with support at $ 3250. Ethereum is currently trading below $ 3220 and the 100-hour simple moving average.
According to analysts, if Ethereum fails to overcome the resistance at $ 3210, it may continue to move downward. The initial support on the downside is near the $ 3180 level. The first major support is near the $ 3165 area.
Using machine learning algorithms, financial analysts are predicting a cautious bullish outlook for the Ethereum price. Artificial intelligence-based tools predict a continuation of the positive trend, which could lead to ETH rising to $ 3633 by the end of April.